AN ACT TO AMEND CHAPTERS 83 AND 88, TITLE 11, DELAWARE CODE AND CHAPTERS 55 AND 55-A, TITLE 29, DELAWARE CODE RELATING TO PORTABILITY OF PENSION CREDIT BETWEEN STATE ADMINISTERED PENSION SYSTEMS.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE Of DELAWARE:

Section 1. Amend §8351(6), Subchapter III, Chapter 83, Title 11, Delaware Code by striking said subsection in its entirety and substituting in lieu thereof the following:

"(6) Equalized State service shall mean;

(a) Years of service as an "employee" as defined in §5501(a)(1) and (2), Subchapter I, Chapter 55, Title 29, multiplied by 25/30, provided that the individual is not accruing nor collecting benefits under Chapter 55, Title 29, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §5530, Subchapter II, Chapter 55, Title 29, or the refund provided by §5523(b), Subchapter II, Chapter 55, Title 29, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

(b) Years of service as an "employee" as defined in §5551(5), Subchapter I, Chapter 55A, Title 29, multiplied by 25/30, provided that the individual is not accruing nor collecting benefits under Chapter 55A, Title 29, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §5580, Subchapter II, Chapter 55A, Title 29, or the refund provided by §5573(b), Subchapter II, Chapter 55A, Title 29, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

(c) Years of service as an "employee" as defined in §8801(5), Chapter 88, Title 11, multiplied by 25/25, provided that the individual is not accruing nor collecting benefits under Chapter 88, Title 11, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §8824, Chapter 88, Title 11, or the refund provided by §8814(d), Chapter 88, Title 11, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized."

Section 2. Amend §8801(6), Chapter 88, Title 11,Delaware Code by striking said subsection in its entirety and substituting in lieu thereof the following:

"(6) Equalized State service shall mean;

(a) Years of service as an "employee" as defined in §5501(a)(1) and (2), Subchapter I, Chapter 55, Title 29, multiplied by 25/30, provided that the individual is not accruing nor collecting benefits under Chapter 55, Title 29, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §5530, Subchapter II, Chapter 55, Title 29, or the refund provided by §5523(b), Subchapter II, Chapter 55, Title 29, or the refund provided by §5523(b), Subchapter II, Chapter 55, Title 29, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service maybe equalized.

(b) Years of service as an "employee" as defined in §5551(5)N Subchapter I, Chapter 55A, Title 29, multiplied by 25/30, provided that the individual is not accruing nor collecting benefits under Chapter 55A, Title 29, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §5580, Subchapter II, Chapter 55A, Title 29, or the refund provided by §5573(b), Subchapter II, Chapter 55A, Title 29, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

(c) Years of service as an "employee" as defined in §8351(5), Subchapter III, Chapter 83, Title 11, multiplied by 25/25, provided that the individual is not accruing nor collecting benefits under Subchapter III, Chapter 83, Title 11, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §8374, Subchapter III, Chapter 83, Title 11, or the refund provided by §8364(d), Subchapter III, Chapter 83, Title 11, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized."

Section 3. Amend §5501(b)(13), Chapter 55, Title 29, by striking said subsection (b)(13) in its entirety and substituting in lieu thereof the following:

"(13) Equalized State service shall mean:

(a) Years of service as an "employee" as defined in §5551(5), Subchapter I, Chapter 55A, Title 29, multiplied by 30/30, provided that the individual is not accruing nor collecting benefits under Chapter 55A, Title 29, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §5580, Subchapter II, Chapter 55A, Title 29, or the refund provided by §5573(b), Subchapter II, Chapter 55A, Title 29, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

(b) Years of service as an "employee" as defined in §8351(5), Subchapter III, Chapter 83, Title 11, multiplied by 30/25, provided that the individual is not accruing nor collecting benefits under Subchapter III, Chapter 83, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §8374, Subchapter III, Chapter 83, Title 11, or the refund provided by §8364(d), Subchapter III, Chapter 83, Title 11, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

(c) Years of service as an "employee" as defined in §8801(5), Chapter 88, Title 11, multiplied by 30/25, provided that the individual is not accruing nor collecting benefits under Chapter 88, Title 11, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §8824, Chapter 88, Title 11, or the refund provided by §8814(d), Chapter 88, Title 11, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized."

Section 4. Amend §5551(4)(b), Chapter 55A, Title 29, by striking said subsection (4)(b) in its entirety and substituting in lieu thereof the following:

"(b) Equalized State service shall mean;

(a) Years of service as an "employee" as defined in §5501(a)(1) and (2), Subchapter I, Chapter 55, Title 29, multiplied by 30/30, provided that the individual is not accruing nor collecting benefits under Chapter 55, Title 29, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §5530, Subchapter II, Chapter 55, Title 29, or the refund provided by §5523(b), Subchapter II, Chapter 55, Title 29, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

(b) Years of service as an "employee" as defined in §8351(5), Subchapter III, Chapter 83, Title 11, multiplied by 30/25, provided that the individual is not accruing nor collecting benefits under Subchapter III, Chapter 83, Title 11, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §8374, Subchapter III, Chapter 83, Title 11, or the refund provided by §8364(d), Subchapter III, Chapter 83, Title 11, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

(c) Years of service as an "employee" as defined in §8801(5), Chapter 88, Title 11, multiplied by 30/25, provided that the individual is not accruing nor collecting benefits under Chapter 88, Title 11, Delaware Code. It shall not include service for which the employee has received the withdrawal benefit provided by §8824, Chapter 88, Title 11, or the refund provided by §8814(d), Chapter 88, Title 11, unless such benefit or refund is first repaid with interest at a rate determined by the Board before such service may be equalized.

The amount of the unified pension payable to an employee, former employee or survivor shall be the sum of the following:

(a) The amount computed according to Chapter 88 of this title, exclusive of service credited under §8801(6) of this title; plus

(b) The sum of the amounts computed, based on credited service as an employee, according to Subchapter II, Chapter 55, Title 29; Subchapter II, Chapter 55A, Title 29; and Subchapter III, Chapter 83, Title 11."

Section 18. Amend Chapter 55A, Title 29, Delaware Code by adding a new section to read as follows:

"§5593. ESTABLISHMENT OF FUND.

There shall be established a County and Municipal Employees' Retirement Fund, hereinafter referred to as the "Fund", separate and distinct from the fund established under Chapter 55 of this title, to which county or municipal appropriations and other employer contributions shall be deposited monthly, and to which member contributions shall be deposited upon deduction from the member's paycheck, and to which earnings on investments, refunds and reimbursements shall be deposited upon receipt, and from which benefits shall be paid and fees and expenses authorized by the Board shall be paid."